Developed in 2007, the building was 98% occupied at the close of escrow with six tenants in financial services, media, technology and engineering. The property includes an adjacent parking structure.

“800 Corporate Pointe is one of the two newest and one of the best office buildings in this evolving Culver Pointe park. Culver City is drafting off the momentum from Playa Vista and is attracting similar profile tenants seeking cool environments,” NKF Capital Markets President, West Coast Kevin Shannon said. “The property enjoys a strong tenant roster with attractive returns augmented by its ownership of the parking structure for the adjacent building.”

Bridge Development Partners has reached an agreement to sell an industrial portfolio containing 10 buildings and two land parcels to Duke Realty Corp. for $515M.

Of the 3.4M SF portfolio of new industrial facilities, two properties are in Southern California: Bridge Point Industry, a 430K SF building at 825 South Ajax Ave. in the City of Industry; and Bridge Point Jurupa II, a 445K SF building at 11250 Poplar Ave. in Fontana.

Brokers with CBRE National Partners and HFF helped arrange the sale. Other properties are in Northern New Jersey and South Florida.

FINANCING

Courtesy of HFF

The Brickyard in Compton

HFF secured a floating-rate loan with a foreign bank for the $105M financing of The Brickyard, a 1M SF fully leased, two-building Class-A, LEED Gold industrial facility in Compton. HFF secured the loan for Clarion Partners.

The Brickyard is fully leased to UPS and Best Buy on long-term leases. On 56 acres at 1701 North Central Ave. and 1430 McKinley Ave., The Brickyard is in the middle of LA's South Bay Industrial submarket.

Walker & Dunlop rate-locked a $116K Fannie Mae Green Rewards loan to refinance The Heights Luxury Apartments in LA during a short-term drop in the Treasury the day before a holiday weekend.

The firm rate-locked the loan for the borrower, RW Selby & Co., in just over three hours from the issuance of the application to refinance the Class-A multifamily property so it could begin due diligence ahead of time and complete the needed inspections and reports so the team could use the Fannie Mae Streamlined Rate Lock execution.

"When I received a 5:30 a.m. call requesting to rate-lock The Heights before 11 a.m., I knew we were in a position to deliver, but that we had little room for error,” said Managing Director Trevor Fase, who led the Walker & Dunlop team behind the effort.

The Heights Luxury Apartments is in West LA adjacent to Playa Vista and Silicon Beach to the west and Culver City to the north. The property is within 2.5 miles of the future Los Angeles Rams stadium. With 582 units, the property has a fitness center, two pools and spas, a clubhouse, a movie theater, a library and a business center.

Through the Green Rewards program, which the team proposed for extra cost savings, the property will have increased efficiency in its utilities and a 22.5% projected reduction in water usage.

In the first half of this year, Walker & Dunlop has closed $3.8B in green loans through Fannie Mae and Freddie Mac, nearly three times its 2016 originations.

The borrower's existing debt was maturing and he wanted to take advantage of asset appreciation and rising rents to take cash out for reinvestment and to expand his portfolio, according to IPA Capital Markets Senior Managing Director Michael Derk.

Derk and Marcus & Millichap Capital Corp. Associate Director Nick Gray represented the owner. The loan was a full 10-year term interest-only rate of 3.84% with a loan-to-value ratio of 55%.

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The Bascom Group and Milestone Real Estate Partners have formed a joint venture called Bascom Milestone Ventures, or Milestone Partners, to provide funding to sponsors for their general partner or managing member interest in value-add, opportunistic and development joint venture real estate transactions. Milestone Partners plans to invest more than $50M over the next three years and will target high-teens returns. It will allocate sponsor capital throughout the U.S. across all asset types and strategies.

LEASING

Courtesy of Avison Young

777 Tower in downtown LA

Avison Young negotiated an 11K SF office lease renewal for boutique law firm Baute Crochetiere & Hartley LLP in downtown Los Angeles. The lease is for office space on the 49th floor of 777 Tower at 777 South Figueroa St. in the Financial District. Avison Young principal and Managing Director Jonathan Larsen and Senior Associate Chandler Larsen represented the tenant. The building owner is Brookfield Properties.

Hilton has opened its first dual-brand property with a Curio Collection, Hilton's upscale lifestyle hotels and resorts, at the Homewood Suites by Hilton Los Angeles Airport and H Hotel Los Angeles, Curio Collection by Hilton.

The dual-branded hotel with 290 rooms is less than a mile from LAX and the first hotel in LA for both brands. Developed and owned by SVI Airport LLC and managed by Interstate Hotels & Resorts, the hotel at 6151 West Century Blvd. offers a mix of amenities, including two distinct fitness centers, a shared outdoor pool and 1,800 SF of meeting space.

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Domain West Hollywood, a new 166-unit apartment community with more than 9K SF of ground-floor retail, has opened.

Developed by Trammell Crow Residential, the project is at 7141 Santa Monica Blvd. on West Hollywood's East Side. The team behind Domain West Hollywood includes architect Studio One Eleven, model designer Jonathan Adler and French artist Malika Favre. Alliance Residential Co. handles the on-site management.

The project has studio, one- and two-bedroom apartments ranging from 589 SF to 1,341 SF. The retail tenants, including Yummy.com neighborhood market, will start to open this fall.

EXECUTIVE NEWS

Courtesy of Pircher, Nichols & Meeks LLP

Erin Natter

National real estate law firm Pircher, Nichols & Meeks LLP, which has offices in LA and Chicago, has hired Erin Natter as a new lateral partner in the LA office. Natter's focus includes sale-leasebacks, mortgage and mezzanine financing and leasing and purchase and sale transactions. She previously was a partner at Sidley Austin LLP.